Inheritance Tax & Estate Planning
What is inheritance tax planning?
With Inheritance Tax (IHT) at 40% on the value of estate that exceeds £325,000 in the current tax year 6 April 2010 to 5 April 2011 it is a major concern for many people in this country, especially as it not only includes your property but also your savings and investments, your car, furniture and personal effects and the proceeds of your life insurance (unless it is written in trust).
Without proper tax planning, you may be considerably reducing the value of the estate you pass on to your beneficiaries. With our expert team of Independent Financial advisers, you can minimize your tax liability and pass on more of your money to those that matter to you (rather than to the Government).
It is worth starting on estate planning well in advance, so that you can undertake any necessary steps in advance of your death. This is particularly true for inheritance tax, as there is a seven-year period for many gifts and transfers after which they become exempt from the tax if you survive for the full seven years.
You might like to think about setting up a trust. If you put part of your estate into a trust for your grandchildren, it could be decades before your cash is again under the eye of the taxman. Trusts can be complicated and we can help set this up for you, if necessary, working in conjunction with your solicitor. Another option you might like to consider is setting up an insurance policy to pay the tax bill after you die. We can compare all insurers and find you just the right policy.
If you Inherit
However big or small your inheritance, there are a number of ways to put your money to good use, and we can advise you on this. You may wish to invest it for your future, and we can help you do this tax efficiently. You may also want to invest it to produce an income for you, either now or in the future, and we can look at this for you taking into account any other arrangements you already have.
Wills
Making a will is one of the easiest and important ways to plan for your family’s future, and yet 70% of the UK population do not have a will. Dying without leaving a will is called "dying intestate" - which means that all your "wealth" is divided up between each surviving member of your family without you having any say in the matter. Worse still, if you haven't any family or beneficiaries, it goes straight to the Crown.
This can present huge problems and long delays in funds reaching your loved ones, particularly if you and your partner are unmarried. All this heartache and the inevitable delays can be avoided if you make a will.
We will be able to help you consider the content of your will and we work in conjunction with an experienced local solicitor, to have the will drawn up. At a cost of around £100 +VAT it could save your family a great deal of time, money and stress.
For estate planning and inheritance tax matters, arrange a free first consultation with no obligations. Simply complete our online form and we’ll contact you to arrange an appointment. We are conveniently located in Hurstpierpoint, Sussex, just minutes from the mainline station at Hassocks and close to Haywards Heath, Burgess Hill, Crawley and Brighton.
The Financial Services Authority does not regulate will writing and taxation and trust advice
